August 26, 2010
I'm opposed to makeing a new ruling that would change the way broker-dealers and registered representatives current legal fiduciary duty. Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer. It will push many like myself to stop providing the service all together. This will make it even more difficult for consumers to find good quality help in this area. If there are some who are not providing honest and sincere service then go after then. Don't punish everyone else for a few bad eggs.